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Bitcoin Suddenly Revisits $40K During Topsy-Turvy Day

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Thu, 08/05/2021 - 17:52
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Alex Dovbnya
Bitcoin is catching up with Ethereum during an extremely volatile day
Bitcoin Suddenly Revisits $40K During Topsy-Turvy Day
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After hours of turbulent price action, Bitcoin bulls now appear to be in control.    

The largest cryptocurrency by market capitalization has revisited the $40,000 level at 05:13 p.m. UTC on the Bitstamp exchange for the first time since Aug. 2.

Bitcoin has managed to stage an impressive comeback, recovering 8.40 percent from its intraday low of $37,300.

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The crypto king’s market dominance also spiked over 2 percent during the recent recovery.

In the meantime, Ethereum, which experienced a massive bout of volatility following the launch of the much-anticipated “London” hard fork, is now seemingly taking a breather.

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The ETH/BTC pair has lost some ground over the past three hours, dropping 3.5 percent.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.